The investment will amount to 65 per cent of paid-up share capital of Hindustan Infralog, the Economic Affairs Department said in a statement.

It said that in the same month, the government disposed off a total of five FDI proposals approving three and rejecting one while one was sent back to the applicant.

While a proposal for acquisition of up to 100 per cent share capital in a non-operational investment holding company called Vadodara Stock Exchange Ltd was sent back to Northvale Capital Partners Pvt Ltd on the ground of being "premature", another proposal was rejected seeking post facto approval for the cumulative investments made in Kora Research Advisors India by two US-based companies Kora Management LP and Kora LLC.

However, the Economic Affairs Department approved a proposal by Alcon Laboratories (India) Pvt Ltd seeking to undertake financial lease of ophthalmic surgical equipment in India in addition to the existing business of wholesale trading.